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Global economy enters recession amid virus: IMF

Mar 28, 2020, 03:04PM ISTSource: AP

IMF (International Monetary Fund) Managing Director Kristalina Georgieva following a Thursday meeting with G20 Leaders declares a worldwide recession as a result of the coronavirus. Georgieva made comments after The International Monetary and Financial Committee (IMFC), the governing body of the IMF, representing 189 countries met Friday."We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," Georgieva said. Georgieva in response to the coronavirus crisis says "a very conservative low end estimate of the overall financial needs of emerging markets is 2.5 trillion dollars."